Fri 25 Mar 2016 | By:

5 Deadly Business Plan Sins Georgia Entrepreneurs Make

Business Plan Mistakes to Avoid

With thousands of businesses who came before you, starting a business in Georgia or in any other state will not be easy. Market competition will be so tight that you may need to squeeze in to get started.

If you’re not careful and keen enough, you may not even survive the industry after one year. The secret to boost your chances of success is to stay organized, driven and goal-oriented as much as possible; start on the right foot and everything will eventually fall into place.

Many entrepreneurs want to know how to start a business in Georgia and become successful and there’s only one thing I can think of when I hear this question – write a business plan. A business plan is a powerful and comprehensive tool that will guide you as you build and grow your Georgia small business. It is essential to write one in the first place to determine if your business idea is actually viable or not.

However, writing a business plan needs skill and experience. It’s such a useful business tool that you simply can’t afford to commit errors and mistakes, whether it’s grammar or technical in nature. If you want to write your startup’s business plan on your own, here are 5 deadly business plan sins that you should take note of.


1) Failure to set specific and realistic business goals

Your head may be filled with business goals and objectives, but if you don’t put them into writing and analyze their potential, you will never transform them into achievable goals.

Before you go into the more juicy part of writing a business, you need to make sure that you’ve set specific, measurable, attainable, realistic and timely goals.

Your SMART goals will be your focal point as you start writing your business. It will also be your reference as you build your Georgia small business. Jot them down at the beginning of the entire process of writing your business plan and you’ll have fewer problems along the way.


2) Deadline over quality

Deadlines have become barriers to do something with utmost quality these days, but you can’t let it be a hindrance to make a solid business plan for your Georgia startup.

Like working on your college thesis, you need to start early to finish early while maintaining efficiency and quality. We all have deadlines, but if we do it ahead of others, surely we have a greater advantage.

Value deadlines, but don’t neglect quality. Even the simplest of things like grammar, the length of the business plan or the formatting can affect how people will view your Georgia small business.

More so if you have major issues with your plan like inconsistent data, irrelevant content and failure to discuss essential points. Your business plan must always be consistent, accurate, factual and error free.


3) Inconsistent financial projections

When it comes to numbers, many of us, not just entrepreneurs screw this part up. In a business plan’s financial section, you need to remember that you can’t make assumptions only projections.

You also need to make sure that your financial projections are accurate and correct because this is the part which investors and other business professionals scrutinize first before anything else.

Your financial section usually projects the financial possibilities of your Georgia small business. Although projections are generally unproven, at all costs, you have to back them up with comprehensive analysis and calculation.

It must always be defensible and credible. Your business plan has to explain how your business will operate profitably.


4) Unclear market route

Your knowledge of how to access your target market is one of the most important things to be successful in business. Your startup’s target population is the driving force which will help you generate cashflow and profit, so you need to have an organized plan on how you can access this market.

Although it’s quite a simple issue, the majority of entrepreneurs usually find it difficult to develop their market route. They are usually too engrossed on developing their products and services that they fail to focus on how to break into their target market.

Balance everything out, build your products, but think of strategies and methods that you’ll use to market them. Assess and study consumer behavior and create a comprehensive review of your market route.


5) Neglecting competition

We all think our business ideas are unique, however, you need to consider that there are other businesses ahead of you and it’s impossible for something to be one of a kind these days; maybe not unique, but a better version of existing businesses.

Always make sure to create an analysis of your competition. Determine their strengths and weaknesses, study what they’re missing and create new ideas to improve your business. If you don’t find your competition, you need to regroup and widen your market definition and redo the process all over again.

10 years ago, writing a business plan may have been quite a challenge, but today, you can use a business plan software to help you out. There are numerous ones offered online and your only job is to choose the best business plan software for your Georgia startup. Writing a business plan should always be on top of your list; believe me, if you have one, everything becomes easier and smooth.

While many entrepreneurs consider a business plan as a fundraising tool or an outdated document, it is actually more useful than you think. It can do wonders for your Georgia startup; from setting achievable and realistic business objectives to the analysis of your financial statistics and evaluation of your completed tasks, a business plan will give you concrete answers.

About Ryan James

Half hardworking hermit, half avid adventurer, Ryan founded Startup Savant to simplify entrepreneurship and pay it forward by donating a portion of all revenue to support children's education via